1985 tax reform options and charitable contributions

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Published 1985 by Congressional Research Service, Library of Congress in Washington, D.C .
Written in English

Subjects:

• Income tax deductions for charitable contributions -- United States,
• Fiscal policy -- United States,
• Taxation -- Law and legislation -- United States

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Edition Notes

Other titles	Nineteen eighty-five tax reform options and charitable contributions
Statement	Dennis Zimmerman
Series	Report (Library of Congress. Congressional Research Service) -- no. 85-579 E, Major studies and issue briefs of the Congressional Research Service -- 1985-1986, reel 11, fr. 000285
Contributions	Library of Congress. Congressional Research Service
The Physical Object
Format	Microform
Pagination	iii, 23 p.
Number of Pages	23
ID Numbers
Open Library	OL15454696M

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Nov 03,  · Individual Tax Provisions That May Affect Charitable Contributions Itemized Deductions vs. Standard Deduction and the Personal Exemption. Keeps the charitable contribution deduction intact for individual taxpayers as an itemized deduction and increases the limit on cash contributions from 50% to 60% of adjusted gross income (AGI). Dec 07,  · Letters: Tax reform could reduce charitable giving. Current tax proposals being considered in Congress may cause a significant reduction to .

The Issue: Charitable Tax Deduction Tax reform debates and mounting federal deficits have put charitable tax deductions onto the chopping block as possible way to increase revenue for the federal government. This would negatively impact nonprofits who rely on the deductions as an incentive for donors to give generously. Dec 04,  · How Charitable Gifts May Be Affected By the GOP Tax Plan More "If either the House or Senate version of tax reform ultimately passes and is signed . Oct 12,  · "The Universal Charitable Giving Act incentivizes charitable giving for low and middle income taxpayers. It would allow everyone to deduct charitable giving, regardless of itemizing status. "With tax reform, our aim is to increase take home pay for middle America. And with my bill, our goal is to increase support for all charities.

Nov 24,  · As Congress focuses on tax reform, charitable deduction in jeopardy. What would that mean for the people and families who rely on the United . The gift tax, estate tax, and generation skipping tax will continue and estates will still be entitled to an unlimited estate tax deduction for charitable gifts. However, the exemption amounts for each of these taxes will double to $ million per individual, ($ million for gift and estate tax for married couples). According to Regs. Sec. A-1(h), to determine the amount of the charitable contribution deduction, charitable contributions must be reduced by the FMV of goods or services received in return for the charitable contributions. The excess amount contributed over the FMV is fully deductible as a .